Individual Life Insurance

  • Available to anyone who can qualify medically
  • Available in two forms -- insurance coverage for the duration of your life, called permanent insurance, and insurance for a certain period of time, typically 10, 20, or 30 years, called term insurance. 
  • Buy term insurance if the need is temporary and permanent insurance if the need is permanent. 
  • So if you are covering your family during the childrearing years, term insurance is smarter and a fraction of the cost of permanent insurance. 
  • But if you're a 60-year-old caregiver desiring to provide your husband who has Parkinson's a level of ongoing care if you die, permanent insurance might be a better choice. 
  • If you have a spouse who is or will be a caregiver for you, buy more than the usual amount of life insurance on them --- enough to not only replace their income, but also enough to hire a caregiver for you. 
  • With long-term care costs nearing $100,000 per year, this means buying at least $500,000 additional life insurance coverage on the caregiver.
  • People with Parkinson’s in the early stages of their disease, can shop around and can usually find life insurance (i.e. Thrivent Financial Services).
  • The rates will be quite a bit higher due to the shorter life expectancy of those with Parkinson’s, but at least the coverage is available.

 

Content for this section provided by Jack Hungelmann, who has had PD since 1996.

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